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@Clockwise
The threads are a different pitch so you are stuck with french cups if you have them.
http://sheldonbrown.com/velos.html - about french parts(you can ignore lots of it, totally ignore the maillard bit)
You should be able to get a reasonable chainline with the redishing and stuff. Swap the chainring from the outside to inside can move it a bit more so if you see on this pic the small bolt nearest the bb you can unbolt those to remove the chainrings then undo the bolts holding on the smaller chainring and bolt the larger ring back on the inside(so long as it doesn't foul the chainstays). But that's a last resort ghetto fix and be careful as old bolts don't always like being disturbed and it might not want to go back together.
I would make sure it all rides good geared for a bit and is sound as a bike before chucking money at it.